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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of financial assets or liabilities measured at fair value on a recurring basis


		As of March 31, 2024
(in thousands)		Level 1			Level 2			Level 3			Total
Cash		$	121,473		$	—		$	—		$	121,473
Money market funds			25,011			—			—			25,011
Total cash and cash equivalents		$	146,484		$	—		$	—		$	146,484
Total financial assets measured at fair value on a recurring basis		$	146,484		$	—		$	—		$	146,484
Warrant liabilities - Common Warrants			—			—			64,937			64,937
Total financial liabilities measured at fair value on a recurring basis		$	—		$	—		$	64,937		$	64,937


		As of December 31, 2023
(in thousands)		Level 1			Level 2			Level 3			Total
Cash		$	24,887		$	—		$	—		$	24,887
Money market funds			25,011			—			—			25,011
Total cash and cash equivalents		$	49,898		$	—		$	—		$	49,898
Total financial assets measured at fair value on a recurring basis		$	49,898		$	—		$	—		$	49,898
Warrant liabilities - Common Warrants			—			—			53,725			53,725
Total financial liabilities measured at fair value on a recurring basis		$	—		$	—		$	53,725		$	53,725

Schedule of aggregate fair values of the Company's warrant liability

The following table provides a roll forward of the aggregate fair values of the Company’s warrant liability, for which fair value is determined using Level 3 inputs (in thousands):



		Warrant Liabilities
Balance as of January 1, 2024		$	53,725
Warrants exercised			(52,193)
Change in fair value			63,405
Balance as of March 31, 2024		$	64,937

Common Warrants

Schedule of aggregate fair values of the Company's warrant liability


		March 31,			December 31,
		2024			2023
Expected term (in years)		2.2			2.4
Volatility		112.02	%		109.46	%
Risk-free interest rate		4.75	%		4.32	%
Dividend yield		0.00	%		0.00	%